The European Union has announced plans to accelerate the release of 42.6 million barrels of oil from its strategic reserves to stabilize the diesel fuel market ahead of winter. This announcement was made by European Commissioner for Energy Dan Jorgensen on October 29 following a meeting of EU energy ministers in Luxembourg.
Jorgensen stated that EU member states have confirmed their commitment to release this volume over the coming months, with approximately half—21.3 million barrels—allocated specifically for diesel fuel.
The Commissioner emphasized that the European Union anticipates a challenging winter due to elevated prices for gas and petroleum products amid ongoing Middle East tensions. However, he noted there is currently no immediate threat of energy shortages.
Jorgensen also indicated that temporary targeted subsidies may be introduced to support consumers facing high energy costs.
According to recent data, the European Union’s monthly oil import expenditures reached €27.6 billion in the second quarter of 2026, a 55.8% increase compared to the same period in 2025, following an average monthly expenditure of €17.7 billion during that year.
